PXP Energy has a 99.35% controlling interest in Forum Energy Limited with 92.55% held directly and 6.80% held indirectly through FEC Resources, Inc., a 81.25%-owned subsidiary. Forum Energy is a UK incorporated upstream oil and gas company with focus on the Philippines. Its principal asset is a 70% interest in Service Contract 72 Recto Bank, located offshore west of Palawan, which contains the Sampaguita gas discovery. The Service Contract is currently in the second Sub-Phase of the Exploration Period, which involves the drilling of two wells.